Financial Regulations

Article

Financial Management and Control

Section 22: Funds Held in Trust

22.1 Gifts, Benefactions and Donations

The Director of Finance is responsible for maintaining financial records in respect of gifts, benefactions and donations made to the College and initiating claims for recovery of tax where appropriate.

22.2 Student Welfare and Access Funds

The Director of Finance will prescribe the format for recording the use of student welfare funds.

Records of access funds will be maintained according to HEFCE requirements.

22.3 Trust Funds

The Director of Finance is responsible for maintaining a record of the requirements for each trust fund and for advising Finance and Resources Committee on the control and investment of fund balances. The Director of Finance is responsible for ensuring that all the College's trust funds are operated within any relevant legislation and the specific requirements for each trust. The Director of Finance is also responsible for investment of fund balances.

22.4 Voluntary Funds

The Director of Finance shall be informed of any fund that is not an official fund of the College which is controlled wholly or in part by a member of staff in relation to their function in the College. No such fund may be established without the written approval of the Director of Finance. The accounts of any such fund shall be audited by an independent external person and shall be submitted with a certificate of audit to the appropriate body. The Director of Finance shall be entitled to verify that this has been done. The College reserves the right to charge for any assistance provided in operating the fund.